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VEA vs. IJR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VEA vs. IJR

Last updated Jun 16, 2026

VEA (Vanguard FTSE Developed Markets ETF) and IJR (iShares Core S&P Small-Cap ETF) are both exchange-traded funds - VEA is a Foreign Large Cap Equities fund tracking the FTSE Developed All Cap ex US Index, while IJR is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index. Both are passively managed. Over the past 10 years, VEA returned 10.67%/yr vs 11.21%/yr for IJR. A 0.74 correlation means they provide meaningful diversification when combined. VEA charges 0.03%/yr vs 0.06%/yr for IJR.

Performance

VEA vs. IJR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE Developed Markets ETF (VEA) and iShares Core S&P Small-Cap ETF (IJR). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VEA achieves a 16.08% return, which is significantly lower than IJR's 19.86% return. Over the past 10 years, VEA has underperformed IJR with an annualized return of 10.67%, while IJR has yielded a comparatively higher 11.21% annualized return.

VEA

1D
1.17%
1M
4.79%
YTD
16.08%
6M
17.35%
1Y
32.96%
3Y*
19.14%
5Y*
9.87%
10Y*
10.67%

IJR

1D
0.11%
1M
7.39%
YTD
19.86%
6M
16.97%
1Y
37.16%
3Y*
15.09%
5Y*
6.35%
10Y*
11.21%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VEA vs. IJR - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VEA
Vanguard FTSE Developed Markets ETF		16.08%35.16%3.15%17.93%-15.34%11.66%9.71%22.62%-14.75%26.42%
IJR
iShares Core S&P Small-Cap ETF		19.86%5.89%8.63%16.06%-16.20%26.58%11.28%22.82%-8.51%13.15%

Correlation

The correlation between VEA and IJR is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.71

Correlation (3Y)
Calculated over the trailing 3-year period

0.71

Correlation (5Y)
Calculated over the trailing 5-year period

0.74

Correlation (10Y)
Calculated over the trailing 10-year period

0.71

Correlation (All Time)
Calculated using the full available price history since Jul 26, 2007

0.74

The correlation between VEA and IJR has been stable across timeframes, ranging from 0.71 to 0.74 - a consistent structural relationship.

VEA vs. IJR - Sectors Allocation Comparison

Sectors
VEA
IJR

Financial Services

23.3%
16.0%

Industrials

19.2%
16.0%

Technology

13.8%
15.9%

Healthcare

8.2%
11.0%

Basic Materials

7.5%
4.7%

Consumer Cyclical

7.5%
12.5%

Consumer Defensive

5.6%
3.2%

Energy

5.4%
6.8%

Communication Services

3.4%
3.2%

Utilities

3.3%
1.9%

Real Estate

2.7%
7.5%

Financial Services

VEA
23.3%
IJR
16.0%

Industrials

VEA
19.2%
IJR
16.0%

Technology

VEA
13.8%
IJR
15.9%

Healthcare

VEA
8.2%
IJR
11.0%

Basic Materials

VEA
7.5%
IJR
4.7%

Consumer Cyclical

VEA
7.5%
IJR
12.5%

Consumer Defensive

VEA
5.6%
IJR
3.2%

Energy

VEA
5.4%
IJR
6.8%

Communication Services

VEA
3.4%
IJR
3.2%

Utilities

VEA
3.3%
IJR
1.9%

Real Estate

VEA
2.7%
IJR
7.5%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard FTSE Developed Markets ETF

iShares Core S&P Small-Cap ETF

Often compared with VEA:
VEA vs. VXUSVEA vs. VWOVEA vs. VOOVEA vs. VEUVEA vs. SCHFVEA vs. IEFAVEA vs. VTI
Often compared with IJR:
IJR vs. IWMIJR vs. VBIJR vs. AVUVIJR vs. IJSIJR vs. IJHIJR vs. SCHAIJR vs. VBR

Return for Risk

VEA vs. IJR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VEA
VEA Risk / Return Rank: 6767
Overall Rank
VEA Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
VEA Sortino Ratio Rank: 6767
Sortino Ratio Rank
VEA Omega Ratio Rank: 6969
Omega Ratio Rank
VEA Calmar Ratio Rank: 6363
Calmar Ratio Rank
VEA Martin Ratio Rank: 6666
Martin Ratio Rank
IJR
IJR Risk / Return Rank: 7777
Overall Rank
IJR Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
IJR Sortino Ratio Rank: 7676
Sortino Ratio Rank
IJR Omega Ratio Rank: 6868
Omega Ratio Rank
IJR Calmar Ratio Rank: 8686
Calmar Ratio Rank
IJR Martin Ratio Rank: 8282
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VEA vs. IJR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Developed Markets ETF (VEA) and iShares Core S&P Small-Cap ETF (IJR). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

VEAIJRDifference
Sharpe ratioReturn per unit of total volatility
2.00
2.12

-0.12

Sortino ratioReturn per unit of downside risk
2.74
3.03

-0.29

Omega ratioGain probability vs. loss probability

1.36

1.36

0.00

Calmar ratioReturn relative to maximum drawdown

2.85

4.30

-1.45

Martin ratioReturn relative to average drawdown

10.96

14.44

-3.48

VEA vs. IJR - Sharpe Ratio Comparison

The current VEA Sharpe Ratio is 2.00, which is comparable to the IJR Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of VEA and IJR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

VEA vs. IJR - Drawdown Comparison

The maximum VEA drawdown since its inception was -60.68%, roughly equal to the maximum IJR drawdown of -58.15%. Use the drawdown chart below to compare losses from any high point for VEA and IJR.

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Drawdown Indicators

VEAIJRDifference

Max Drawdown

Largest peak-to-trough decline

-60.68%

-58.15%

-2.53%

Max Drawdown (1Y)

Largest decline over 1 year

-11.63%

-8.68%

-2.95%

Max Drawdown (3Y)

Largest decline over 3 years

-13.45%

-28.02%

+14.57%

Max Drawdown (5Y)

Largest decline over 5 years

-29.71%

-28.02%

-1.69%

Max Drawdown (10Y)

Largest decline over 10 years

-35.73%

-44.36%

+8.63%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-13.27%

-9.27%

-4.00%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.01%

2.58%

+0.43%

Volatility

VEA vs. IJR - Volatility Comparison

Vanguard FTSE Developed Markets ETF (VEA) has a higher volatility of 6.92% compared to iShares Core S&P Small-Cap ETF (IJR) at 5.17%. This indicates that VEA's price experiences larger fluctuations and is considered to be riskier than IJR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VEAIJRDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.92%

5.17%

+1.75%

Volatility (6M)

Calculated over the trailing 6-month period

14.42%

11.93%

+2.49%

Volatility (1Y)

Calculated over the trailing 1-year period

16.58%

17.67%

-1.09%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.73%

21.44%

-4.71%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.41%

22.93%

-5.52%

VEA vs. IJR - Expense Ratio Comparison

VEA has a 0.03% expense ratio, which is lower than IJR's 0.06% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VEA vs. IJR - Dividend Comparison

VEA's dividend yield for the trailing twelve months is around 2.59%, more than IJR's 1.42% yield.

PositionTTM20252024202320222021202020192018201720162015
IJR
iShares Core S&P Small-Cap ETF		1.42%1.44%2.05%1.31%1.41%1.53%1.11%1.44%1.58%1.20%1.22%1.48%
VEA
Vanguard FTSE Developed Markets ETF		2.59%3.22%3.35%3.15%2.91%3.16%2.04%3.04%3.35%2.77%3.05%2.92%

Frequently Asked Questions

VEA and IJR have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VEA has higher volatility (6.92%) compared to IJR (5.17%). In terms of maximum drawdown, VEA dropped -60.68% vs IJR's -58.15%.

On 10-year performance, IJR leads with 11.21% vs 10.67% for VEA. On fees, VEA is cheaper at 0.03% per year. On volatility, IJR has been the lower-risk option at 5.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IJR has performed better with a 11.21% return vs 10.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VEA is cheaper with a 0.03% expense ratio, compared with 0.06% for IJR.

VEA has the higher dividend yield at 2.59%, compared with 1.42% for IJR.

VEA is categorized as Foreign Large Cap Equities, while IJR is Small Cap Blend Equities. VEA tracks FTSE Developed All Cap ex US Index, while IJR tracks S&P SmallCap 600 Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.03% for VEA and 0.06% for IJR.

IJR currently has the higher Sharpe Ratio (2.12 vs 2.00), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

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